Hacks, data breaches, and private details leaked online are becoming more commonplace in today’s business world. And while vigilance can help, it’s essential to have specific cover for these types of threats regarding your business. Cyber insurance is coverage tailored to your business risk profile and needs. Atlantic Insurance cyber risk insurance covers businesses for losses to business and losses to others.
Business cybersecurity standards
To protect businesses from cyber threats, Standards Australia suggests a, “number of Australian and International Standards that Australian businesses can adopt to better protect themselves from IT and cyber security-related risks.” These essential standards include:
- Managing privacy: where there are guidelines for implementing and maintaining processes for controlling personally identifiable information to protect customer data and meet privacy requirements.
- Prevent cyber attacks: where guidelines on cyber security, privacy protection controls and information security are based on international best practices.
- Incident response: where guidelines are used to detect, report on, assess and respond to information security breaches and incidents.
Along with the above, cyber insurance can protect your business from cyber threats.
Different Types of Cyber Insurance Cover
Atlantic Insurance cyber insurance coverage applies to any financial losses that result from cyber threats, including data breaches. Our range of policies includes first-party coverage, where expenses incurred directly from the security breach are covered, and third-party coverage, where damages, settlements, lawsuits or claims from the failure to take action are covered.
Our insurance for cyber threats is tailored to suit your business needs and risk profile. Different types of insurance coverage for cyber threats include the following.
- Network Security: this cyber insurance protects your business during network security failures, including cyber extortion demands, data breaches, business email compromise events, ransomware, and malware infections.
- Privacy Liability Coverage: protects your business when handling sensitive customer and employee information. This coverage protects you if a data breach exposes private data and your company to liability.
- Errors and omissions coverage: this cyber security coverage can protect your business if you cannot deliver services that prevent you from fulfilling contractual obligations.
- Network Business Interruption: this covers businesses facing an operational cyber threat, including human errors, software and system failures, and third-party hacks.
- Media liability coverage: protects your business from intellectual property infringement. This applies to online and print advertising, including social media posts, but excludes patent infringement.
What Cyber Insurance Does Not Cover
Most cybersecurity insurance policies have exclusions caused by negligence or human error. These exclusions will vary from policy to policy but broadly cover the following:
- Bad security processes: if a cyber threat occurs because of poor configuration management or ineffective security processes.
- Pre-existing vulnerabilities: if breaches occur because your business failed to address or correct previously known weaknesses and vulnerabilities.
- Previous cyber breaches: if breaches or security events occurred before you purchased a cyber insurance policy.
- Insider attacks: where data loss or theft happens because of an employee inside your business.
- Human error: where cyber breaches occur because of human error in your business.
Get comprehensive Cyber Insurance coverage with Atlantic Insurance
Cyber threats are increasing daily. Cyber insurance can help protect your business while you recover quickly without business interruption. For over 25 years, Atlantic Insurance has been protecting by providing comprehensive, personalised business insurance. Contact us today to discuss your requirements and receive a Cyber Insurance quote.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.
